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Finance News Update, what you need to know

The Australian dollar has rallied above 95 US cents thanks to strong retail sales and house prices data.

At 0700 AEDT on Tuesday, the local unit was trading at 95.07 US cents, up from 94.88 cents on Monday.

And the Australian share market looks set to open flat after Wall Street made modest gains ahead of a busy week of economic indicators.

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At 0645 AEDT on Tuesday, the December share price index futures contract was up five points at 5,385.

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WASHINGTON - US factory orders rose 1.7 per cent in September led by aircraft orders, ending two months of declines, the Commerce Department says.

WASHINGTON - The US and the European Union will hold a second round of trade talks this month to create a massive transatlantic free-trade zone.

NEW YORK - Kellogg will trim its global workforce by seven per cent as part of a cost-cutting plan, with the cereal maker citing weaker-than-expected sales for the year.

LONDON - A worldwide probe into suspected rigging of foreign exchange trading has reached HSBC, Europe's biggest bank revealed as it announced also a jump in quarterly profits.

WASHINGTON - Global health-care giant Johnson & Johnson will pay more than $US2.2 billion ($A2.3 billion) to settle allegations that it fraudulently promoted drugs and used kickbacks to promote their sales.

NEW YORK - Twitter has boosted its public stock offering value to as much as $US2 billion ($A2.1 billion), in documents that have been filed.

MONTREAL, Nov 4 AFP - BlackBerry has abandoned hopes of finding a buyer, and instead pegged its future on a $US1 billion ($A1.06 billion) cash infusion and new management, after the departure of its chief executive.

LONDON - Co-operative Group, the UK's biggest mutual business, says it has agreed on a revised rescue plan to plug a STG1.5 billion ($A2.5 billion) hole in its finances.

FRANKFURT - The number of banks in the 17-country eurozone has declined over the past five years and they significantly reduced their balance sheets, the European Central Bank says.